Financial Performance - Total revenue for 2024 was HKD 29,638,821, a decrease of 20.2% from HKD 37,166,269 in 2023[12] - Revenue from hotel operations in Hong Kong was HKD 21,102,895, down from HKD 24,146,191 in 2023, representing a decline of 12.6%[12] - Gross profit for 2024 was HKD 5,262,889, compared to HKD 5,907,882 in 2023, reflecting a decrease of 10.9%[1] - The net loss before tax for 2024 was HKD (33,052,752), compared to a loss of HKD (20,810,626) in 2023[15] - The company reported a net loss of HKD 33,017,227 for the year 2024, compared to a loss of HKD 7,946,189 in 2023, indicating a significant increase in losses[131] - Basic and diluted loss per share for 2024 was HKD 4.39, compared to HKD 1.06 in 2023, indicating a worsening financial position[109] - The group reported a pre-tax loss of HKD 33,052,752 for 2024, compared to a loss of HKD 8,733,260 in 2023, indicating a significant decline in performance[109] Expenses and Costs - The cost of sales decreased to HKD (24,375,932) in 2024 from HKD (31,258,387) in 2023, a reduction of 22.1%[1] - Administrative expenses increased to HKD (25,605,454) in 2024 from HKD (20,810,626) in 2023, an increase of 23.1%[1] - Other income decreased significantly to HKD 2,209,917 in 2024 from HKD 5,816,020 in 2023, a decline of 62.0%[1] - The group’s financial costs for 2024 amounted to HKD 919,283, compared to HKD 1,049,773 in 2023, showing a decrease of approximately 12.4%[107] - The group recognized other comprehensive expenses totaling HKD 35,219,456 for the year, compared to HKD 13,271,748 in the previous year, reflecting increased financial strain[109] Assets and Liabilities - The total assets decreased to HKD 48,807,081 in 2024 from HKD 75,444,665 in 2023, a decline of 35.4%[2] - The group's assets decreased from HKD 407,677,823 in 2023 to HKD 364,304,452 in 2024, reflecting a reduction of approximately 10.6%[104] - Total liabilities decreased from HKD 36,217,757 in 2023 to HKD 26,791,642 in 2024, a reduction of approximately 26.1%[104] - The group’s total assets included HKD 2,432,517 in right-of-use assets as of March 31, 2024[156] - The company’s cash reserves decreased significantly from HKD 43,593,493 in 2023 to HKD 8,374,037 in 2024, a drop of about 80.8%[112] Shareholder Equity and Debt - As of March 31, 2024, total shareholder equity was approximately HKD 337.5 million, down from HKD 371.5 million in 2023, resulting in a debt-to-equity ratio of about 2.5% compared to 3.2% in 2023[38] - The group had outstanding bank borrowings of HKD 8.4 million as of March 31, 2024, down from HKD 11.7 million in 2023[66] - The group’s bank borrowings decreased from HKD 11,740,184 in 2023 to HKD 8,433,757 in 2024, a reduction of approximately 28.5%[104] Corporate Governance - The audit committee consists of four independent non-executive directors, ensuring compliance with corporate governance standards[79] - The company is committed to maintaining high standards of corporate governance and compliance with regulations[79] - The company will continue to review and monitor its corporate governance practices regularly[79] - The company adheres to all corporate governance codes as per the listing rules, with noted exceptions[179] - The board composition includes both executive and independent non-executive directors to maintain a balance of power[183] Investment and Development - The group is considering legal action against a landlord regarding property possession, with a provision of approximately HKD 2.2 million for potential compensation[62] - The group has received approval for a comprehensive development application in Kwai Chung, with conditions to be met[143] - The company plans to continue seeking suitable investment opportunities despite ongoing geopolitical uncertainties[144] - The group plans to apply for the first phase of new land contracts in Hong Kong, with the development plan to be implemented in four phases[173] Miscellaneous - The group has no significant investment or capital asset plans as of March 31, 2024[69] - The company did not repurchase any shares listed on the exchange during the year[77] - The group has no initial deposits with a maturity of more than three months as of March 31, 2024[146] - There are currently no foreign exchange contracts or financial derivatives in place as of March 31, 2024[176] - The independent auditor reported no reservations regarding the consolidated financial statements for the two years[182]
远东酒店实业(00037) - 2024 - 年度业绩